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An IVA is a formal agreement with creditors, lasting 60 months. A plan is prepared on your behalf that puts forward a formal, legally binding offer to creditors and is supervised by an Insolvency Practitioner. The plan is then considered by creditors who will vote to accept, reject or modify it. You need to have over £15,000 worth of unsecured debt to at least 3 separate creditors and must be able to afford more than £200 per month to pay in to it.
